Your refund will depend on your taxable income (which includes wages and profit/loss from your business), your tax, and then any credits, withholdings, and estimated payments you make for 2021.
If your credits, withholdings, and estimated payments are greater than your tax, you will receive a refund.
Keep track of your business expenses, and receipts, to prepare your Schedule C when you file your tax return.
Generally, a business expense must be ordinary and necessary to qualify for a deduction. Some common deductions can include communication costs, office supplies, licenses or permits, mileage, advertising costs, professional fees, liability insurance, banking fees, and health care premiums.
What self-employed expenses can I deduct?
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